Oil steadies after brief slide on Trump's US-China trade comments

Goldman expects an'uneventful three-month OPEC output cut extension-oil and gas 360

Source Reuters

Goldman Sachs said on Monday the Organization of the Petroleum Exporting Countries (OPEC) and its allies will likely extend its current output curbs through June, but expects the "uneventful" three-month extension to provide little support to prices.

Worldwide benchmark Brent crude was trading at $61.28 per barrel at 0623 GMT on Wednesday for a 0.13% gain after it closed Tuesday at $61.20 a barrel.

The world may be heading for an even greater oversupply of oil, and that possibility - which could drive down fuel and energy prices - is hanging over members of the OPEC cartel as they head into negotiations Thursday.

Oil prices gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts' skepticism over the achievement of further reductions.

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U.S. President Donald Trump on Tuesday said an agreement to end the trade conflict may have to be delayed until after the American presidential election next November.

The CEO of Lukoil, one of Russia's biggest producers, has said he sees no reason to extend the cuts beyond March.

Russian Federation has agreed to reduce output by 228,000 bpd to about 11.18 million bpd under the current deal but it pumped more than that - 11.244 million bpd - in November, Reuters calculations show.

But U.S. production keeps rising, filling the gaps left by OPEC, with output in September increasing to a new record of 12.46 million barrels per day (bpd), the U.S. government said in a monthly report on Friday. Rystad Energy forecasts a supply growth of 2.6 mmbbl per day year-on-year in 2020, led by USA shale, Norway and Brazil against weak global demand growth of only 1.0 mmbbl per day year-on-year. "Granted, there are some riots in the country, but I do not think they will be voluntarily reduced".

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Joshua says he is confident he can be victorious and if he does he will tell everyone of how he went wrong. "Win, lose or tie, I would still like to rematch him".

Meanwhile, Russia, which is not part of OPEC but has been following its lead on production limits in recent years, has indicated it wants its oil production re-calculated in a way that's in line with OPEC nations.

While Opec may cut output, USA producers have been happy to meet any market shortfalls with record-setting output.

Saudi Arabia is also pressing Iraq and Nigeria to improve their compliance with their output quotas as a condition for Saudi cutting more output.

"If anything goes wrong with Saudi production over the next few months and the likelihood of something happening is pretty high ..."

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